Governor of Central Bank of Iran Valiollah Seif pointed to the high volume of trade between Iran and China, saying that using Rial and Yuan can overcome problems regarding monetary exchanges. “Regarding the volume of bilateral trade, the use of appropriate payment mechanisms, such as the use of local currencies, can solve financial transactions and […]
Governor of Central Bank of Iran Valiollah Seif pointed to the high volume of trade between Iran and China, saying that using Rial and Yuan can overcome problems regarding monetary exchanges.
“Regarding the volume of bilateral trade, the use of appropriate payment mechanisms, such as the use of local currencies, can solve financial transactions and will not be seriously challenged in this regard,” he noted.
China buys some 25 percent of Iran’s oil and hence is one of the most significant business partners of Iran, he told IRNA on Friday as he is in China accompanying Iranian president Hassan Rouhani to take part in the 18th SCO summit.
He expressed hope that cooperation of Chinese banks and the support of China Export & Credit Insurance Corporation with Iran (Sinosure) would continue and financing the country’s manufacturing and infrastructure projects would persist in accordance with the previous procedure.
Despite the huge pressures and sanctions imposed in the post-JCPOA period, Chinese banks and companies have cooperated well with their Iranian counterparts and numerous contracts between banks and financial institutions of the two countries have been executed, he added.
He went on to say that Chinese officials have repeatedly noted that they would continue and expand their trade ties with Iran despite US pullout from JCPOA.
